# Commission Decision (EU) 2019/1144 of 17 December 2018 on the State aid SA.36086 (2016/C) (ex 2016/NN) implemented by Romania for Oltchim SA (notified under document C(2018) 8592) (Only the Romanian version is authentic) (Text with EEA relevance), Division (33): In all three scenarios the proceeds from unencumbered assets after procedural and employees costs are not enough to fully cover the current post-insolvency debt, severance or start-up costs. The surplus from proceeds from secured assets that arises in the optimistic scenario, is therefore allocated to cover those costs. If there is any amount of proceeds remaining, it is then shared between budgetary creditors, in accordance with the rank of creditors foreseen in Article 123 of the insolvency law. In all three scenarios, no proceeds are obtained by the unsecured creditors located after the salaries and budgetary creditors in the rank of creditors.

Extent: E+W+S+N.I.

Liquidation procedure
Pessimistic scenarioEx-situ sale(million EUR)
Central scenario(million EUR)
Optimistic scenarioIn-situ sale(million EUR)
Gross proceeds (total)
140
216,9
293,7
—
from secured assets (A)
108
171,1
234,2
—
from unencumbered assets (B)
32
45,8
59,5
Procedural costs (UNPIR) and security/preservation/asset administration costs
(15,9)
(18,4)
(20,9)
—
on secured assets (C)
(13,2)
(15,9)
(18,5)
—
on unencumbered assets (D)
(2,7)
(2,5)
(2,4)
Claims from employees (paid before current debt) (E) from unencumbered assets
(2,1)
(2,1)
(2,1)
Current debt to be repaid, severance payments, start-up costs (F)
(75,2)
(76,5)
(62,4)
Current debt's coverage ratio by overall proceeds net of procedural, employee, secured debt repayment from secured assets and severance/start-up costs
29,1 %
44 %
114 %
Net proceeds:
—
from secured assets (Ω = A - C)
94,8
155,2
215,7
—
from unencumbered assets
(Φ = B – D – E – F)
(49,3)
(37,1)
(9,7)
Payment to creditors (other than employees)
Secured creditors (G), out of which:
94,8
155,2
195,8
—
AAAS's secured tranche
1
1,7
2,1
—
Electrica's secured tranche
21,4
35,7
44,2
—
Salrom
1,7
2,7
3,47
Budgetary, out of which:
0
0
10,1 (= Ω + Φ – G)
—
AAAS
0
0
9,5
—
Romanian Water Admin.
0
0
0,7
Unsecured creditors under Article 96 of the insolvency law, out of which
0
0
0
CET Govora
0
0
0
National Water Administration
0
0
0
Other unsecured creditors
0
0
0
Salrom
0
0
0

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Source: https://www.legislation.gov.uk/eudn/2019/1144/annex/TECHNICAL/division/3/division/2/division/33 (the official version)
Page: https://openlegislation.uk/eu-decision-2019-1144/annex-TECHNICAL/division-3/division-2/division-33
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.